Smart Robots Market and its key opportunities and challenges

(IT-NEWSWIRE.COM, November 18, 2019 ) The Smart Robots Market is expected to grow from USD 4.12 Million in 2017 to USD 14.29 Billion by 2023, at a CAGR of 23.7% between 2018 and 2023, as per a report by MarketsandMarkets.

Why adoption of IoT on wide level presents multiple opportunities in Smart Robots Market?

The IoT is one of the most significant trends in the technology today. IoT creates a huge demand for advanced connected devices in both industrial and service verticals. The industrial IoT (IIoT), also known as the Industrial Internet, refers to the use of IoT technologies in manufacturing industries. Industrial Internet offers a low-cost and effective way of integrating information based on widely distributed sensors, smart machines, robots, big data, and real-time analytics.

To make IoT compatible robots, the robots should be autonomous and must be capable to act and respond to the surrounding instantly without human intervention. AI-enabled robots are the best fit for this requirement as they can manipulate data received from its environment and can respond to time-critical situations like humans. Increasing investments by enterprises on smart cities, connected cars, and process automation in manufacturing companies are contributing to the evolution of IoT, which, in turn, provide huge opportunity for the growth of the smart robot market.

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Why safety concerns due to complex high-level interfacing present a challenge?

Over the years, robots have become smarter and more autonomous; however, they still lack moral reasoning. The first colossal hurdle to moral reasoning is that there is no universal set of human morals. As the morality is culturally specific, evolving continuously, and eternally debated, developing a perfect AI system is a major challenge faced by the players in the smart robot market.

Current applications involve interaction of robots with humans or operations of robots in structured environments. With the emergence of networked systems and increase in the demand for robots in homes and day-to-day activities, robots work in an environment where they have to coordinate and interact with human users and act on information derived from several sensors to make autonomous decisions. These networked robots can potentially be hacked and their abilities can be adversely used. In case the AI robots being adopted for military and defense applications absorb incorrect data, they can prove to be destructive.

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Smart Robots Market and its key opportunities and challenges